Tripoli – The Central Bank of Libya management held an extensive meeting on Thursday. They met with managers of licensed exchange offices and companies. The meeting discussed mechanisms for providing foreign currency. It also covered financial transfers.
The meeting reviewed how to directly fund exchange company accounts. Funds would come from the Central Bank in foreign currency. They also discussed how companies should use these funds. This related to their assigned tasks. The mechanism consists of two phases. The first phase involves rapid cash transfers. These transfers are through specialized companies.
Examples include Western Union and MoneyGram. The second phase covers direct transfers. These use SWIFT 103 messages. Transfers go through the offices’ bank accounts. These accounts are in operating banks. Central Bank officials gave a presentation. They responded to questions from exchange company managers. Officials also addressed their observations.
They confirmed the activation of dedicated systems. These systems are for exchange companies. Testing will begin in January 2026.